Biovail's Melnyk Is Officially Done

Eugene Melnyk, founder and chairman of beleaguered Canadian pharmaceuticals manufacturer Biovail Corp (BVF), will resign next month after picking up a personal Wells Notice from the US Securities and Exchange Commission.

Apparently the SEC intends to join the party in progress at the Ontario Securities Commission, suing Melnyk for alleged deficiencies in his disclosure of stock trades and ownership positions.

Not that he hadn’t had any other recent setbacks.

Biovail Acknowledges Wells Notices Received by Company Executives
Press release May 15 2007

Biovail Founder Melnyk Retires After SEC Notice
By Shannon Pettypiece
Bloomberg May 16 2007